IndyMac Inks Long-Term Pact With CEO

Michael W. Perry, chairman and chief executive officer of IndyMac Bancorp Inc., Pasadena, Calif., has signed a five-year CEO contract with IndyMac that contains options for five more years, according to the company.The contract is largely based on a pay-for-performance arrangement under which incentive compensation is targeted as a percentage of net income and tied to the achievement of earnings-per-share growth targets, IndyMac said. John Seymour, an IndyMac director and a former U.S. senator from California, said the company's shareholders have realized average annualized total returns of 22% over Mr. Perry's 14-year tenure. "When Mike joined the company in 1993, we had only four employees and almost no business, and we were marginally profitable," the former senator said. "Today, IndyMac has over 8,000 employees, is the eighth-largest thrift and ninth-largest mortgage lender in the nation, and makes over $360 million in net income per year." The company can be found online at http://www.indymacbank.com.

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